The profits of the Canadian Medical Center decreased to 10.26 million riyals in 2024

The profits of the Canadian Medical Center Company in 2024 decreased by 34.6% to 10.26 million riyals, compared to 15.71 million riyals in 2023.
The company said in a statement on Saudi Arabia’s circulation: Despite the high revenues, the net profit for 2024 witnessed a decrease compared to 2023.
This is mainly due to the investments in which the company entered and related to the strategic transformation project, as the company expanded its activities from the oil and gas sector to infrastructure projects, the petrochemical sector projects, and new medical services, which led to an increase in operational and investment costs, which were represented in:
First: The Strategic Transformation Project:
A. Opening new branches:
Tabuk Branch: To support NEOM projects, as the company won contracts exceeding 46 million riyals, and the positive impact of this expansion began to appear from the second half of 2024, with expectations that the positive impact will appear more during the first half of 2025.
Jubail Branch: The Jubail Industrial District, Ras Al -Khair, and Al -Khalaji are one of the most important goals of the company’s expansion strategy and the targets that were worked on during the second half of 2024, and it is expected to achieve goals and the reflection of positive results in the first half of 2025.
– Riyadh Branch: To take advantage of the economic boom and promising medical opportunities in the field of events and ambulatory transport, as the company has concluded agreements with organized bodies and electronic platforms to achieve goals, while expecting the positive results of this expansion in the first half of 2025.
for. Expansion of medical services:
– The Home Medical Care Unit, which began to run in the first half of 2024, is expected to show its positive impact on the financial performance in the first half of 2025.
The physiotherapy unit, which began to run in the first half of 2024, is expected to show its positive impact on the financial performance in the first half of 2025.
– Events services: The company has concluded agreements with companies specialized in organizing events in various regions of the Kingdom, with the aim of providing emergency medical services to ensure a rapid response during the activities, and it is expected that its positive impact on the financial performance in the first half of 2025.
Justice transport: The company has entered into agreements with electronic platforms for the ambulance sector, and it is expected that its positive impact on the financial performance in the second half of 2025.
C. Attracting new competencies
The company attracted a number of distinguished competencies, in order to ensure effective management of the new sectors, enhance operating efficiency, and continue to develop quality standards to the highest levels.
Second: High marketing and selling expenses:
Which rose to 3.8 million riyals in 2024, compared to 1.8 million riyals in 2023, as a result of promoting marketing for new expansion and services, which are expected to support future financial growth.
Yesterday, the Board of Directors of the Canadian Medical Center Company decided to distribute cash dividends to shareholders for the fiscal year 2024.
The total amount distributed is 3,850 million riyals, while the number of shares due for profits is 77 million shares.
The share of the stock is 5 halalas, while the distribution rate to the nominal share value is 5 %.
The date of truth will be 1446-11-13 corresponding to 2025-05-11, while the distribution date will be 1446-11-27 corresponding to 2025-05-25.